"It's a premium property space. It's a great opportunity. I work in the area and having access to Back Bay seems like a good investment," said Sophia Lingos-Papaliodis, who attended an auction where two parking spaces were on the block.

The IRS seized the property from a tax delinquent owner. The starting price was $42,000.

With 22 bidders, the battle for premium parking took off fast into six figures. But it quickly became a battle between just two people. The offers were staggering.

Within five minutes, the bids skyrocketed to $560,000. Bidder number 9 was the winner. She said she owned the property next door, making money no object for the convenience.

"We are dealing with a very small percentage of people. Money is not an issue. It's more about convenience. Parking is a convenience and a limited resource." said Mark Ruane of Otis and Ahearn Boston Real Estate.

People have paid a fortune for just one space in Boston, from $80,000 to $300,000 -- and those are market prices, not at auction.

"It's a piece of land that's never going to depreciate. It's the nature of the beast in this market," said Ruane.